Why use cloud accounting software?

Why use cloud accounting software

Why use cloud accounting software?

Changes to the operational structure of a business can be challenging. Quite often a business owner will find success in doing something a specific way and in turn will be very reluctant to change. Let’s explore this more in the context of accountancy and why switching to cloud accounting software is so beneficial.

Historically a business would have several spreadsheets and lever arch files containing records of receipts and other important documents. They would be reluctant to change because they feel comfortable with the systems in place and all the team know what is expected of them. However, the biggest fear factor is the thought that moving everything on to a cloud accounting system would cause extra work and require lots of in-depth training.

The simple answer to any resistance is that using spreadsheets can be a slow and manual process, human inputting errors can be hard to identify, and you don’t have immediate access to important financial data which is important for any growing business. Persevering with old accounting methods can give competitors, who use a cloud accounting system, a far superior edge thanks to immediate access to financial data and greater insights into business performance.

Another key consideration is, what happens when things for wrong? For example, if something happens to manual files, how easily can they be recovered? A cloud accounting system can offer secure access from any type of device which is connected to the internet.

Here are some of the top reasons why a business should use cloud accounting software for their business:

  • Everything is secure as it is stored in the cloud. Data can be accessed 24/7, from any location if the user is connected to the internet.
  • No software needs to be installed on any machine and there is no ongoing maintenance required.
  • Upgrades to the system are handled automatically meaning that the user benefits from any new features that are introduced.
  • There are no specific hardware requirements just an annual license to the system so the costs for using the system are very low.
  • There is no need to use the services of an IT specialist to help with the set-up.

The advances in cloud accounting systems over the past 4 to 5 years have been incredibly comprehensive. The number 1 benefit is that the system continues to evolve and develop based on the specific needs of the users. This means the software provider will ensure the system continues to offer more and more advantages to all those businesses that are using it. It is scalable, offers lots of flexibility and gives a business accurate, real-time data.

The simple takeaway for anybody not using a cloud accounting system is that you should make the switch today. The solution will grow and change in line with the exact growth and changes that are happening within your business.

Once the decision has been made to start to use a cloud accounting system the next step is to clarify your specific requirements and make sure that you get the best option. These simple questions should help:

  • What are the day-to-day accounting activities that need to be completed?
  • What access levels and what number of users are required?
  • Which team members should be consulted when choosing a new system?
  • What is the best system based on our specific business needs (ask to see client case studies to demonstrate how the solution is being used by others)?

In conclusion, there are no negatives to stop a business from using a cloud accounting system.

Should you have any questions in regard to any aspects of cloud accountancy then the Stepping Stones Accountancy team can offer both help and support. Please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.

You can also book a free 20-minute call with Yarka – https://calendly.com/yarka-ssa/20min

758 513 Nathan Brady

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